Algorithmic
Rates set by a formula reading pool utilisation, adjusting continuously. Pooled venues lend one reserve against every collateral; isolated venues price each market alone.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
What these figures cover — and what they leave out
- BTC collateral — read for 79 of 98 venues; part of it is the supplied amount each pool reports, not what is pledged against a loan.
- Dollar debt against bitcoin — debt against bitcoin read for 46 of 98 venues; 26 more lend from a pool or are financed without a lien — named, not added; part of it is partial (bitcoin-only borrowers in a pool, or a desk's bounded estimate).
- Aggregate LTV — both sides read for 46 of 98 venues.
- Borrow rate (USD loans) — weighted by dollar debt for 65 of 98 venues.
- Lend rate (USD loans) — weighted by dollar supply for 60 of 98 venues.
- Liquidates at — the priced books of 45 of 98 venues taken as one position — an aggregate, not a forecast.
What “Liquidates at” is: one price for the whole book, not a forecast
"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.
| Family | BTC collateral | share | Dollar debt against bitcoin | share | LTV | Borrow | Lend | Liquidates at | Threshold (LTV) |
|---|---|---|---|---|---|---|---|---|---|
| Morpho Blue › | 61,952 BTC | 39% | $2.51bn | 57% | 49.6% | 4.84% | 4.25% | $48,599 | 77.0%–94.5% LTV |
| Aave v3 › | 65,553 BTC | 41% | $1.36bn | 31% | 40.2% | 4.56% | 3.34% | $42,699 | 73.1%–80.5% LTV |
| Kamino Lend › | 950 BTC | 0.6% | $661m | — | 5.63% | 3.51% | — | ||
| Dolomite › | 73.19 BTC | <0.1% | $337m | — | 4.93% | 2.95% | — | 85.0%–87.0% LTV | |
| SparkLend › | 7,473 BTC | 4.7% | $215m | 4.9% | 46.7% | 4.18% | 2.70% | $48,855 | 79.4% LTV |
| Euler v2 › | 170 BTC | 0.1% | $144m | — | 6.95% | 4.97% | — | 66.5%–97.0% LTV | |
| JustLend v1 › | — | $140m | — | 3.81% | 0.74% | — | 75.0% LTV | ||
| Compound v3 › | 7,479 BTC | 4.7% | $96.8m | 2.2% | 44.4% | 5.40% | 4.42% | $43,319 | 82.8%–85.0% LTV |
| Venus Core Pool › | 8,051 BTC | 5.1% | $87.9m | 2.0% | 41.8% | 4.83% | 3.14% | $44,583 | 77.8% LTV |
| Current › | 30.86 BTC | <0.1% | $55.6m | — | 4.23% | 2.25% | — | ||
| Tydro › | 1,154 BTC | 0.7% | $54.5m | 1.2% | 59.3% | 6.30% | 4.06% | $56,827 | 86.6% LTV |
| NAVI Lending › | 590 BTC | 0.4% | $34.1m | — | 7.04% | 3.09% | — | 45.0%–77.0% LTV | |
| Fluid Lending › | 804 BTC | 0.5% | $29.7m | 0.7% | 45.6% | 6.32% | — | $42,202 | 77.0%–97.0% LTV |
| Aave v4 › | 1,293 BTC | 0.8% | $26.3m | 0.6% | 43.6% | 4.25% | 2.71% | $44,294 | 75.0%–82.1% LTV |
| Save › | 31.42 BTC | <0.1% | $20.9m | — | 5.88% | 3.58% | — | 75.0%–95.0% LTV | |
| Aave v2 › | 421 BTC | 0.3% | $11.9m | — | 12.29% | 0.35% | — | 70.0%–82.0% LTV | |
| Jupiter Lend › | 281 BTC | 0.2% | $11.1m | 0.3% | 53.0% | 5.92% | 4.64% | $53,418 | 80.0%–90.0% LTV |
| Echelon Market › | 6.53 BTC | <0.1% | $10.3m | — | 7.45% | 4.09% | — | ||
| Neverland › | 6.88 BTC | <0.1% | $7.2m | — | 6.35% | 3.41% | — | 75.0% LTV | |
| Folks Finance Lending › | 0.2144 BTC | <0.1% | $3.8m | — | 8.56% | 6.74% | — | ||
| Curve LlamaLend › | 66.06 BTC | <0.1% | $2.9m | <0.1% | 52.5% | 2.71% | — | $45,016 | 94.0%–96.5% LTV |
| Compound v2 › | 286 BTC | 0.2% | $2.8m | <0.1% | 18.5% | — | — | $22,207 | 68.9% LTV |
| Arcadia v2 › | 1.77 BTC | <0.1% | $2m | — | 13.66% | 11.31% | — | ||
| Takara Lend › | 500 BTC | 0.3% | $1.8m | — | 17.44% | 9.58% | — | ||
| Tectonic › | 110 BTC | <0.1% | $1.6m | <0.1% | 42.3% | 8.53% | 6.03% | $47,790 | 73.1% LTV |
| Liquidium › | 22.89 BTC | <0.1% | $1.4m | — | 4.59% | 3.19% | — | ||
| HyperLend Pooled › | 146 BTC | <0.1% | $1.4m | <0.1% | 25.5% | 5.85% | 4.63% | $32,269 | 65.5% LTV |
| Moonwell Lending › | 109 BTC | <0.1% | $1m | <0.1% | 88.7% | — | — | $86,965 | 84.8% LTV |
| Scallop Lend › | 1.32 BTC | <0.1% | $992k | — | 7.86% | 4.03% | — | ||
| Lista CDP › | 23.71 BTC | <0.1% | $796k | <0.1% | 40.5% | 4.33% | — | — | |
| BENQI Lending › | 236 BTC | 0.1% | $546k | <0.1% | 22.3% | 9.28% | 6.84% | $26,695 | 69.0% LTV |
| EtherFi Borrowing › | 16.4 BTC | <0.1% | $11k | <0.1% | 25.1% | 4.04% | 1.59% | $28,944 | 71.9% LTV |
| Curvance › | 551 BTC | 0.3% | — | — | — | 4.88% | — | ||
| Kava Mint › | 54.33 BTC | <0.1% | — | — | — | — | — | ||
| Inverse Finance FiRM › | 9.06 BTC | <0.1% | — | 33.3% | — | — | — | ||
| Gearbox › | 5.27 BTC | <0.1% | — | — | — | 0.00% | — | ||
| Fraxlend › | 4.05 BTC | <0.1% | — | 44.0% | — | — | — | ||
| Aave v1 › | 2.44 BTC | <0.1% | — | — | — | — | — | 65.0% LTV | |
| HypurrFi Pooled › | 1.26 BTC | <0.1% | — | — | — | 1.17% | — | ||
| Asymmetry USDaf › | — | — | — | — | — | — | |||
| Avalon Finance › | — | — | — | — | — | — | |||
| Colend Protocol › | — | — | — | — | — | — | |||
| Exactly › | — | — | — | — | — | — | |||
| Extra Finance xLend › | — | — | — | — | — | — | |||
| Fira › | — | — | — | — | — | — | |||
| Folks Finance xChain › | — | — | — | — | — | — | |||
| Kinza Finance › | — | — | — | — | — | — | |||
| LayerBank › | — | — | — | — | — | — | |||
| Silo v2 › | — | — | — | — | — | — | |||
| Tender Finance › | — | — | — | — | — | — | |||
| Zentra Finance › | — | — | — | — | — | — |
Ordered by debt, never by a rate; a figure in italics covers part of a book
Ordered by debt against bitcoin, then collateral — never by a rate. Shares are of this class's total, and add up. A figure in italics covers only part of a book — hover for what it leaves out; a dash carries its reason. 26 lend from a pool against every collateral, report a whole book, or are financed without a lien: their figures are shown on their rows and not added ($1.70bn in all). /v1/market/tree
As of 2026-10-21 · weighting: borrow by borrowed_usd, lend by supplied_usd; spread computed per pool-day then weighted, never as the difference of the two aggregates
The tenor is an averaging window, not a maturity. Every constituent pool is open-term floating and no borrower agreed a term, so a rising curve means rates were higher further back — not a term premium.
Denominations are different products. btc and usd are different products and are never aggregated. btc = the borrower receives bitcoin; usd = a stablecoin is borrowed against bitcoin collateral.
| Venue | Whole pool (rate weight) | Share of class rate | Pools | Criteria |
|---|---|---|---|---|
| Aave v3 (Ethereum) › | $5.21bn | 31% | 20 | 10 / 10 |
| Morpho Blue (Ethereum) › | $2.23bn | 13% | 156 | 10 / 10 |
| Morpho Blue (Base) › | $2.10bn | 12% | 34 | 10 / 10 |
| SparkLend (Ethereum) › | $1.52bn | 8.9% | 6 | 10 / 10 |
| Kamino Lend (Solana) › | $947m | 5.6% | 99 | 10 / 10 |
| Jupiter Lend (Solana) › | $897m | 3.9% | 69 | 10 / 10 |
| Compound v3 (Ethereum) › | $490m | 2.9% | 2 | 10 / 10 |
| Fira (Ethereum) › | $438m | 2.6% | 1 | 2 / 10 |
| Dolomite (Ethereum) › | $332m | 2.0% | 3 | 10 / 10 |
| Aave v3 (Monad) › | $262m | 1.5% | 6 | 10 / 10 |
| Venus Core Pool (BSC) › | $250m | 1.5% | 31 | 10 / 10 |
| HyperLend Pooled (Hyperliquid L1) › | $207m | 1.2% | 10 | 10 / 10 |
| 69 more venues weighting the class rate, by share · every venue and its criteria → | ||||
get_credit_state · get_venueBoth legs observed. Each row is a mean over its trailing window — not the rate tiles above, which are today's dollar-loan rates weighted by each venue's debt. Wrapper classes: custodial.
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Pool debt (all borrowers) | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 4.89% | 3.54% | 1.17% | 788 | 76 | $15.51bn | $13.57bn |
| 14 | 4.86% | 3.55% | 1.14% | 788 | 76 | $15.52bn | $13.55bn |
| 30 | 4.85% | 3.52% | 1.12% | 789 | 76 | $15.50bn | $13.66bn |
| 60 | 4.68% | 3.36% | 1.12% | 791 | 76 | $15.12bn | $13.64bn |
| 90 | 4.53% | 3.22% | 1.12% | 791 | 76 | $14.73bn | $13.57bn |
| 180 | 4.38% | 3.04% | 1.14% | 791 | 76 | $13.62bn | $13.11bn |
| 365 | 4.39% | 2.87% | 1.35% | 793 | 76 | $14.71bn | $16.18bn |
| 730 | 5.57% | 3.67% | 1.70% | 793 | 76 | $13.45bn | $15.35bn |
Other currencies — BTC, ETH, EUR: each its own product, never added to dollars
Both legs observed. Each row is a mean over its trailing window — not the rate tiles above, which are today's dollar-loan rates weighted by each venue's debt. Wrapper classes: custodial.
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Pool debt (all borrowers) | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 0.94% | 0.02% | 0.43% | 79 | 44 | $141m | $5.62bn |
| 14 | 1.10% | 0.03% | 0.46% | 79 | 44 | $142m | $5.71bn |
| 30 | 1.24% | 0.03% | 0.52% | 79 | 44 | $146m | $5.90bn |
| 60 | 1.12% | 0.02% | 0.56% | 79 | 44 | $152m | $5.70bn |
| 90 | 0.98% | 0.02% | 0.55% | 79 | 44 | $157m | $5.32bn |
| 180 | 0.88% | 0.02% | 0.56% | 79 | 44 | $162m | $4.83bn |
| 365 | 0.72% | 0.02% | 0.53% | 79 | 44 | $206m | $5.72bn |
| 730 | 0.63% | 0.02% | 0.47% | 79 | 44 | $337m | $6.35bn |
Both legs observed. Each row is a mean over its trailing window — not the rate tiles above, which are today's dollar-loan rates weighted by each venue's debt. Wrapper classes: custodial.
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Pool debt (all borrowers) | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 1.94% | 1.15% | 0.61% | 94 | 50 | $6.43bn | $9.07bn |
| 14 | 1.95% | 1.15% | 0.61% | 94 | 50 | $6.58bn | $9.25bn |
| 30 | 1.99% | 1.20% | 0.59% | 94 | 50 | $6.89bn | $9.52bn |
| 60 | 2.03% | 1.23% | 0.59% | 94 | 50 | $6.72bn | $9.19bn |
| 90 | 2.05% | 1.24% | 0.60% | 94 | 50 | $6.17bn | $8.42bn |
| 180 | 2.14% | 1.29% | 0.61% | 94 | 50 | $5.41bn | $7.35bn |
| 365 | 2.23% | 1.36% | 0.63% | 94 | 50 | $7.10bn | $9.48bn |
| 730 | 2.45% | 1.56% | 0.65% | 94 | 50 | $7.90bn | $10.18bn |
Both legs observed. Each row is a mean over its trailing window — not the rate tiles above, which are today's dollar-loan rates weighted by each venue's debt. Wrapper classes: custodial.
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Pool debt (all borrowers) | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 3.14% | 2.12% | 1.75% | 44 | 15 | $89.4m | $61.5m |
| 14 | 3.05% | 2.04% | 1.74% | 44 | 15 | $88.8m | $63.2m |
| 30 | 3.08% | 2.07% | 1.73% | 44 | 15 | $85.6m | $61.7m |
| 60 | 3.14% | 2.09% | 1.73% | 45 | 15 | $78.1m | $61.3m |
| 90 | 3.25% | 2.19% | 1.70% | 45 | 15 | $75.3m | $59.2m |
| 180 | 3.08% | 1.99% | 1.70% | 45 | 15 | $72.6m | $61.3m |
| 365 | 3.52% | 2.12% | 1.81% | 45 | 15 | $78.3m | $81.3m |
| 730 | 4.22% | 2.58% | 1.92% | 45 | 15 | $55.8m | $58.2m |
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/financing-curve GET https://api.bitcoincreditstack.com/v1/market/tree |
|---|---|
| MCP | get_credit_state() compare_venues({ class: "algorithmic" }) |
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